Difference in advance tax schedule of Companies and Individuals removed
The current advance tax payment schedule for a company is 15%, 45%, 75% and 100% (cumulative) of income tax payable on the full financial year's income to be paid by 15th June, 15th September, 15th December and 15th March, respectively.
Till last financial year, individuals liable to pay advance tax, had to pay 30%, 60% and 100% (cumulatively) of tax payable on the full fiscal's income by 15th September, 15th December and 15th March, respectively. An individual with a tax liability of Rs 10,000 or or more in a financial year is required to pay advance tax in that year as per current income tax law. Budget 2016 has replaced the separate advance tax payment schedule for individuals with the same schedule as applicable to companies.
Computation of Advance tax
Applicability of Advance Tax requirements in MAT Cases
With the introduction of section 115JB ,clarity on the issue of advance tax was brought in by by CBDT which issued circular saying that the advance tax is applicable and so also section 234B & 234 C for MAT payment for section 115JB.